Member Info for jange

Omega had a tough 2011, doubling its pre-tax losses and cancelling its dividend. In March it reported losses before tax of $94.7m compared to a loss of $42.9m the previous year, on an income of $304.6m (2010: $356.1m) and net revenues of $257m (2010: $261.4m).

Bermuda-based Omega Insurance Holdings said it had received a takeover approach from rival Canopius. Privately-owned Canopius has offered 65p per share in cash for the entire issued share capital of Omega. The latter said it would now consult with shareholders and make a further announcement "when appropriate". The news did little to excite investors, with Omega's share price rising 0.4% in early trading on Tuesday

The iQ portfolio currently extends to more than 4,500 bedrooms and has forward lettings of 57% for the 2012/13 academic year, which is above the level achieved at the same point last year.

A five year £115m senior debt facility has been secured with M&G Investments on nine of the iQ's 12 completed buildings at 290 basis points (bps) margin, while Deutsche Postbank has agreed a five-year £42.75m facility, secured by the fund's remaining three completed assets at a margin between 275bps and 300bps. There are 100 bps to a full percentage point.

Quintain Estates, a London-based regeneration specialist and fund manager, has successfully concluded the refinancing of its 50-50 joint venture iQ, one of the UK's largest student accommodation providers. The new debt facility, worth £157.75m, will replace the fund's original five-year senior debt facilities with HBoS and Fortis, which would have matured this summer.

"However, market conditions have been challenging in the retail and fast moving consumer goods sectors and the containers business, and we expect these to remain for the year ahead," the company added. Last year Wincanton disposed of its mainland European businesses so it could focus on its core UK and Ireland businesses, reduce overall debt levels and refinance its existing bank facilities. "Our focus remains on stabilising and maximising opportunities in the core business whilst developing product solutions that will provide profitable growth in the future and enable us to further reduce our average net debt," said Chief Executive Eric Born.

Shares in logistics firm Wincanton tumbled on Tuesday morning after it warned the upcoming year would be difficult. "For the year ending 31 March 2013, certain of the group's businesses will be adversely impacted as a result of the loss of volume, together with some excess space and the decision to invest in future growth opportunities," the firm said. The firm did say it had continued to trade in line with expectations in the year to the end of March and had been successful in retaining and winning a number of contracts across all its market sectors.

Tristel, a manufacturer of infection control, contamination control and hygiene products, has terminated its supply arrangement with Medichem International for disinfectants and cleaning products. Tristel will now directly market these products to veterinary practices, hospitals under Tristel related brands. Tristel is now free to address the veterinary market directly and to broaden its product offering within areas that it had not been directly involved with, including its core hospital marketplace.

"2011 has been a year of operational progress for Bond as we continue our recovery from the difficult environment of 2009 and 2010. 2012 has begun positively and we are confident that the Asia Pacific market will provide significant opportunities going forward."

Bond made a loss before tax of £1.43m, reflecting a charge on goodwill. The company benefits from UK tax credits on research, and adjusted profits after tax came in at £1.95m, a significant rise on the £0.1m figure reported in 2010. The loss per share was 3.08p while net debt was reduced by £1.5m. The proposed dividend has been increased 50% to 1.2p. Commenting on the results Chief Executive Steve Russell, said:

Bond International Software, the personnel software specialist, says improved cost controls and better market conditions boosted profits through 2011. Revenues came in 30% ahead of a difficult 2010 at £36.8m with operating margins increasing from 7.8% to 14.2% reflecting a better mix of licence and service income.

Natural sweetener supplier PureCircle hit a 52-week high after a new investor took a significant stake in the firm. Hong Kong outfit Wang Tak paid just over £9m for a 4.95% stake in PureCircle which specialises in stevia, a herb which can act as a non-calorific sweetener. Stevia is widely used as a sugar replacement in the making of food and drinks. PureCircle has been something of a star on the AIM 100 this year, rising 31.6%, although interim results at the end of March disappointed.

The company says it will definitely pay a final dividend, although the exact amount will be revealed along with the full results on 11 June. The market has pencilled in a figure of 0.2p for the full year dividend, double what the company paid the year before. At 10:38 the stock had gained 4.55%. Over the past 12 months the Tricorn shares have seen growth of a whopping 91.7%.

With momentum being maintained during the final quarter, full year profits before tax are expected to be around £1.6m, approximately 50% up on the previous year, and slightly ahead of market expectations of £1.54m following the company's February trading update. Profit margins are ahead of the preceding year at both the group and divisional level, reflecting the continuing improvement in operational performance

Tricorn, the AIM quoted tube manipulation specialist, has lifted its sales and profits guidance for the financial year just ended on the back of a strong performance from its aerospace division, which has moved back into the black. Group sales for the year to March 31st, 2012, are expected to be approximately 13% ahead of the previous year with all divisions experiencing strong demand through the final quarter. That would imply revenue of £25.59m, marginally ahead of market expectations of £23.57m

"The tariff changes are the first such updates in several years in response to a clearly unsustainable position for the TNEB [Tamil Nadu Electricity Board]. The tariff increases and the adoption of a quarterly fuel surcharge represent a structural shift in the pricing environment. The regulator has signalled an intention to improve the financial health of TNEB and to provide an environment conducive to investment in the power sector." Key features of the order include an increase in regulated tariffs for virtually every category of consumer, which is expected to raise Tamil's revenues by 37% and reduce its projected deficit. In addition, there will be tariffs for high tension industrial users have effectively increased by INR 1.55 per kilowhatt hour (Kwh) or 34.5%, and an increase in transmission & wheeling charges of INR 0.32 per Kwh.

OPG Power Ventures has announced that Indian energy regulator, Tamil Nadu Electricity Regulatory Commission, has sanctioned an increase in regulated tariffs with immediate effect, which OPG believes will boost its own earnings. Chief Executive Arvind Gupta said: "Recent federal budget pronouncements that reduce counter-veiling duty on imported coal from 5% to 1% and eliminate customs levies altogether for two years are expected to favourably [have an] impact [on] our fuel costs in 2012-13. More importantly, in our view these changes reinforce the intent of policymakers at various levels to support the sector. With 113 MW [megawatts] in generation and over 300 MW in new capacity to be rolled out over the next couple of years in Tamil Nadu alone, we look forward to the company benefiting significantly from these changes over the medium term.

● Shares in pipe-bending specialist TRICORN add 7% to 35.25p after it says that group sales for 2011/12 will be 13% ahead of the previous year. ● This is thanks to a strong performance from the aerospace division profits that will be 50% ahead of last year. ● Tricorn is an excellent example of a small but successful UK manufacturer

Morning all.....

Correction,more life in a dodo than here.....